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The secret for trading

  • Post #1
  • Quote
  • First Post: Mar 19, 2008 6:02pm Mar 19, 2008 6:02pm
  •  emda
  • | Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
Once you already have a good Money Management which is the most important thing, then the secret of trading is.... Timing...

what does it mean?

1 . Wait for the best entry with higher than 1:1 risk reward ratio.
2 . Once you are in a trade, Wait until the risk reward ratio is reached.

sounds easy! So Why is it difficult? Because is difficult to wait hours looking at the price moving... So you may start thinking that you have to go to lower timeframes to scalp... but that's more difficult because a lot of noise can make you more nervious and makes you do stupid things.

So.. one good way could be to trade using Limit orders for entries... Stop loss and Targets and walk away from your trading station. SO.. Time will pass and your mind will be in peace knowing that you have a better risk/reward ratio...

Then.. you only have to repeat and Time will give you good results at the end.


Now you can reply to this... or you may want to reveal your secret here
My secret is to use all available resources to get a more rounded idea of the market's direction, as well as good old intuition telling me "GO!"..... This forum, and this thread in particular, have been highly beneficial to my viewpoints on EU. Especially when the intelligent traders start speaking (you know who you are). I also like to monitor USD/CHF, as it works almost flawlessly inverted to EU. That's my two cents. Kudos to all, and good luck.
Yes, limit orders are good. It saves watching price action and feeling "left out".
My secret: finding good and free signals.

Go search "free Forex signal RSS", there are some signal providers on net, no need to pay, and receive their signals via RSS feed, that is it.
  •  emda
  • | Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
I don't have the personality of one following signals of others... maybe I can follow an advice and see if it is in agreement with my own analysis. But thank you for telling us your secret

Not many people want to reveal their secrets here?
or maybe there are no secrets
Quoting emda
Once you already have a good Money Management which is the most important thing, then the secret of trading is.... Timing...

what does it mean?

1 . Wait for the best entry with higher than 1:1 risk reward ratio.
2 . Once you are in a trade, Wait until the risk reward ratio is reached.

sounds easy! So Why is it difficult? Because is difficult to wait hours looking at the price moving... So you may start thinking that you have to go to lower timeframes to scalp... but that's more difficult because a lot of noise can make you more nervious and makes you do stupid things.

So.. one good way could be to trade using Limit orders for entries... Stop loss and Targets and walk away from your trading station. SO.. Time will pass and your mind will be in peace knowing that you have a better risk/reward ratio...

Then.. you only have to repeat and Time will give you good results at the end.


Now you can reply to this... or you may want to reveal your secret here
Very true. The waiting is the worst and that's where mistakes are made. Patience is a virtue in the Forex.
Quoting emda
Once you already have a good Money Management which is the most important thing, then the secret of trading is.... Timing...

what does it mean?

1 . Wait for the best entry with higher than 1:1 risk reward ratio.
2 . Once you are in a trade, Wait until the risk reward ratio is reached.

sounds easy! So Why is it difficult? Because is difficult to wait hours looking at the price moving... So you may start thinking that you have to go to lower timeframes to scalp... but that's more difficult because a lot of noise can make you more nervious and makes you do stupid things.

So.. one good way could be to trade using Limit orders for entries... Stop loss and Targets and walk away from your trading station. SO.. Time will pass and your mind will be in peace knowing that you have a better risk/reward ratio...

Then.. you only have to repeat and Time will give you good results at the end.


Now you can reply to this... or you may want to reveal your secret here

ema, do u know where i can download an ebook on candlestick pattern?gimme pls
I agree. Timing and MM. After 10 years of trading, I've found indicators to be a complete waste of time. S/R breaks and candlesticks are absolutely the way to go. When I see folks trying to prognosticate based on "key" numbers and indicators, it just cracks me up. Price patterns, S/R candles, thats it. Trading is so much simpler than most make it.
There's always money in the banana stand.
Quoting ayour2a
ema, do u know where i can download an ebook on candlestick pattern?gimme pls
http://www.candlestickforum.com/
Quoting LizardGizzard
I agree. Timing and MM. After 10 years of trading, I've found indicators to be a complete waste of time. S/R breaks and candlesticks are absolutely the way to go. When I see folks trying to prognosticate based on "key" numbers and indicators, it just cracks me up. Price patterns, S/R candles, thats it. Trading is so much simpler than most make it.

the secret is practice... and blow few mini account ... he3x..
if you smart enough u will survive forex......
TRue. I've taken accounts from $300 to over $10,000 and back down. Learned lots of lessons. The key is MM and proper timing, with MM being number one and the most overlooked, which is why most fail. Persistence is crucial as well.

-Liz
There's always money in the banana stand.
The Secret is no secret. Hahahhahha... I know it's cliche...

I'm just use indicator MA,RSI,MACD and Intuition.

Money management... mmhh... I think it's all related with mindset too...

Cause I have see many people have trouble with starting trading. They afraid to lose.

I just found this articles about mindset, I know majority discuss money management here. Hopefully I'm not offending anyone in this thread and please forgive me for my intrusion.

Quote
What perspective you choose is directly related to whether you will make money or
not.
You need to choose a perspective that is right for you. This is partly a matter of
temperament. You can choose a perspective which is ill-suited to your personality
and your expectations. But it is also a question of maths – it has to do with
randomness and probability. The smaller your time frame the greater the
randomness of what you are observing. If you are looking at price changes every
minute the degree of randomness is very high and your probability of anticipating the
next correct price movement, or series of price movements, is very low. There are
few market participants that consistently make money using a very short time frame. I
suggest you do not try joining them before thoroughly exhausting all other options.
This book is one of those options. Rather work with time frames that are larger and
therefore more apt at consistently producing good results for a large number of
traders. If you are looking at prices once a week or once a month you have reduced
the degree of randomness significantly and increased the correctness of your
predictive probability greatly. Clearly once a month or once a week is too long for a
day trader so your challenge is to find the right perspective somewhere in-between
the strictly intra day and longer-term extremes.

Hopefully help you all, as I much also enjoy to learn and read it.

Thank you. And Emda...
Thank you for sharing your secret.
Quoting DanceWithLions
My secret: finding good and free signals.

Go search "free Forex signal RSS", there are some signal providers on net, no need to pay, and receive their signals via RSS feed, that is it.
You have to be kidding me.. this has to be some of the worst advice I've ever read on this forum, and sadly that is saying a lot..

Would you manage your investments based upon random anonymous internet tips? Of course not. Why do the same with your FX trades? That's just asking for losses..
"Secret" is a bit of all of the above and managing SL. No more of those 80, 100, 120, stop loss. Now I look at a SL as how much I am willing to pay the broker to figure out which way the market is moving - and no way am I investing 100 pips to tell me the candles are the wrong color.
History is written by the victors.
Limit orders and stop losses are the way I do it. When I have other places I need to be. I have done it while working a full time job. And have done it when I have traveled or vacationed. Also I have learned that there are more trades to take advantage of in all the currency pairs combined than i have money to throw at. I do not like sitting in front of the computer day in and day out. I have a live to live just like the rest of us.
Hi,

I am new to forex trading, was given a test by my mentor to identify what strategy, indicators, timeframe and rationale of these following trades:

1. 2016/5/12 15:57:10 buy usdchf (price): 0.9673 S/L:0.9643 T/P: 0.9739 close: 2016/5/13 14:30:07 price: 0.9739 profit USD 1016.53
2. 2016/5/12 16:47:05 buy gbpusd (price) 1.4501 S/L: 1.4468 T/P: 1.4585 close: 2016/5/12 17:16:23 price: 1.4468 profit usd -330.00
3. 2016/5/12 19:03:08 sell audusd price: 0.7323 S/L 0.7351 T/P: 0.7268 close: 2016/5/13 15:50:55 price : 0.7268 profit USD 825.00
4. 2016/5/12 19:23:30 buy usdcad price: 1.1240 S/L 1.2815 T/P: 1.2950 close: 2016/5/16 00:14:36 price 1.2950 profit USD 1274.13
5. 2016/5/13 02:52:56 sell eurusd price 1.1373 S/L 1.1368 T/P: 1.1311 close: 2016/5/17 14:30:01 price 1.1311 profit USD 620.00
6. 2016/5/13 04:22:54 sell gbpusd price: 1.4430 S/L 1.4460 T/P: 1.4379 close: 2016/5/13 14:33:31 price 1.4379 profit usd 510.00

Any experienced trader to lend a helping hand? Have been looking for 2 days now. No clues... Thanks
I will rather attribute success to consistency. Many traders especially the new ones are scared to trade after some losses. But I take strength and move to learn from the losses. I record my losses,and make sure I learn where I went wrong on the trade. This helps me in my next trade
10 Things A Trader Needs to Give Up

It is easy to become obsessed with adding to our trading arsenal with knowledge, books, chart patterns, indicators, moving averages, and gurus, that we forget to analyze what we need to remove from our plan.
One of the largest determining factors as to whether a new trader ends up as a winning trader, is how well they can filter out what doesnt help them make money. Traders cant follow every indicator, trade every method, and endlessly add to their trading methodology. As traders we have to make choices. We must know what makes money and what to remove from our trading strategy.

  1. Give up your need to be right: The market is always right, dont strive to be right in your predictions and opinions. Strive to go with the flow of the market.
  2. Give up control: No matter how long you watch a live stock stream, you have no power over the movements. Save your emotional energy by not trying to cheer on your positions and get wrapped up in every price tick.
  3. Give up blaming other factors for your losses: There is no mysterious They causing you to lose money. Your choices cause you to lose money, or your system just had a losing trade. It is a free country and free market.
  4. Give up beating yourself up for losing trades: If you followed your trading plan, then there should be zero regrets involved in a losing trade. If you did not follow your plan and lost, then money was the tuition and you paid to learn the lesson. You must move on to the next trade.
  5. Give up your own opinions: If you took a trade based on your own opinion, you have to give up your opinion and get out if the trade moves to a place that proves you were wrong.
  6. Give up your inability to change your mind: The more you believe a trade just cant miss, the more dangerous it is. It will cause you to trade too big and stay in too long. You have to always be ready to be wrong.
  7. Give up your past trades: Each trade is a new trade. Do not hold grudges against stocks and think they owe you for past losses. Do not fall in love with a stock and hold it as it falls lower and lower.
  8. Give up letting your trading define your self worth: Do not let your trading define you. Diversify your life with friends, family, hobbies, and other interests. It is not healthy to become overly obsessed with the markets.
  9. Give up on losing trades quickly when your stop is hit: Your best trades will be the ones that are profitable from the start. If they immediately go against you, be prepared to be stopped out. You can destroy your trading account when you start the It will come back, I just have to wait chant in the midst of a death spiral.
  10. Give up on price targets let your winners run as far as they will go: In the right market conditions trends can go on to unbelievable levels. The big wins during these trends can make your entire career. If you set a predefined profit target, you will not miss the opportunity when it comes. Let a trailing stop take you out.

Instead of giving up on the markets, give up on these bad habits and you will be more successful.

Steve Burns.

  • Post #19
  • Quote
  • Last Post: Oct 14, 2016 11:27am Oct 14, 2016 11:27am
Quoting LizardGizzard
I agree. Timing and MM. After 10 years of trading, I've found indicators to be a complete waste of time. S/R breaks and candlesticks are absolutely the way to go. When I see folks trying to prognosticate based on "key" numbers and indicators, it just cracks me up. Price patterns, S/R candles, thats it. Trading is so much simpler than most make it.
that is one of the best posts about truth of forex.

and i add this after you learn principal of forex and platforms ,..... never trade DEMO for practice , always trade and even test your systems in real accounts ( you can use macro accounts).
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